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MI HB4588
Bill
Status
5/4/2017
Primary Sponsor
Winnie Brinks
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AI Summary
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Allows broker-dealers and investment advisers to provide records relevant to suspected or attempted financial exploitation of financially endangered adults to state adult protective services agencies and law enforcement.
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Records shared under this provision may include historical records and recent transaction records that may constitute financial exploitation, and are classified as confidential and exempt from disclosure under Michigan's Freedom of Information Act.
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Does not limit the administrator's authority to access and examine books and records of broker-dealers and investment advisers under existing law.
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Requires the administrator to develop and publish training resources on its website by January 1, 2018, covering indicators of financial exploitation and steps broker-dealers and qualified individuals can take to prevent it.
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Takes effect 90 days after enactment and is contingent on the passage of Senate Bill No. ____ or House Bill No. 4589.
Legislative Description
Occupations; securities; Occupations; securities; financial advisors to report suspected cases of financial abuse of elderly or other vulnerable adults; require certain record keeping and posting of information. Amends 2008 PA 551 (MCL 451.2101 - 451.2703) by adding art. 5A. TIE BAR WITH: HB 4589'17
State agencies (existing): insurance and financial services
Last Action
Bill Electronically Reproduced 05/04/2017
5/9/2017